EMERYVILLE, Calif., Sept. 14 /PRNewswire-FirstCall/ -- Neurobiological
Technologies, Inc. (NTI(R)) (Nasdaq: NTII) today announced its financial
results for its fiscal fourth quarter and year ended June 30, 2007 and
announced a planned 1-for-7 reverse split of its common stock.

For fiscal year 2007, the Company reported revenue of $17.7 million, a
44% increase over last year's revenue of $12.3 million. The net loss for
fiscal 2007 was $14.1 million, or $0.47 per share, compared with a net loss
of $27.8 million, or $0.98 per share, in fiscal year 2006. At June 30,
2007, the Company's balance of available cash, cash equivalents and
investment securities was $8.9 million.

For the fourth quarter ended June 30, 2007, the Company reported
revenue of $4.0 million compared to $4.3 million for the same period in
2006. The net loss for the quarter ended June 30, 2007 was $4.2 million, or
$0.13 per share, compared with a net loss of $4.8 million, or $0.16 per
share, for the same period in 2006.

For the fiscal year ended June 30, 2007, the Company reported revenue
of $17.7 million consisting of $6.9 million of royalty fees earned from the
commercial sales of memantine by Merz + Co. GmbH & Co. (Merz) and its
marketing partners in the United States and certain European countries,
$5.5 million from the sale of NTI's rights and assets related to
XERECEPT(R) to Celtic Pharmaceutical Holdings L.P. (Celtic), and $5.3
million from the reimbursement of the direct expenses incurred for services
provided to Celtic for administering the Phase III clinical trials for
XERECEPT in the United States. The Company's fiscal year 2006 revenues of
$12.3 million consisted of $5.1 million of royalty fees earned from the
commercial sales of memantine by Merz and its marketing partners in the
United States and certain European countries, $3.2 million from the sale of
NTI's rights and assets related to XERECEPT to Celtic, and $4.0 million
from the reimbursement of the direct expenses incurred for the services
provided to Celtic.

Research and development expenses of $26.7 million in the year ended
June 30, 2007 increased by $3.9 million compared to R&D expenses of $22.8
million in fiscal year 2006. During fiscal year 2007, $21.2 million of the
R&D expenses were focused on Viprinex(TM), with the remaining $5.5 million
on XERECEPT. The increase in research and development expenses resulted
from an additional $5.2 million of expenses incurred for the Phase 3
clinical trials of Viprinex, which was partially offset by a decrease of
$1.3 million of reimbursed expenses for the continuing Phase 3 clinical
trials for XERECEPT.

The Company had no acquired in-process research and development
expenses for the fiscal year ended June 30, 2007 compared to $11.5 million
for the fiscal year ended June 30, 2006. The 2006 expenses represented the
expensing of certain tangible and intangible assets related to the
acquisition of Empire Pharmaceuticals from 2005.

General and administrative expenses totaled $6.5 million for the year
ended June 30, 2007 compared to $6.0 million in fiscal year 2006. The
increase in general and administrative expenses resulted primarily from
increases of approximately $362,000 for compensation, $259,000 for
consultants and $276,000 for audit fees, offset by a $243,000 decrease in
legal fees.

Investment income for the fiscal year ended June 30, 2007 totaled
approximately $494,000 compared to $399,000 in fiscal year 2006. The
increase was due to higher average cash balances in fiscal 2007 and an
increase in our average rate of return on our investment portfolio.

Gain on change in value of warrants totaled $980,000 for the year ended
June 30, 2007 compared to zero in fiscal year 2006. In April 2007, the
Company sold 3,043,478 shares of common stock and warrants and the Company
recognized a change in the value of the warrants of $980,000 during the
fourth quarter of fiscal year 2007 due to a decline in the Company's stock
price during that time.

Bridge Financing

On September 12, 2007, the Company completed a $6.0 million debt and
equity bridge financing under its effective shelf registration statement.
In the financing, the Company issued $6.0 million in principal amount of
15% senior secured promissory notes due January 15, 2008 and 2,750,000
shares of common stock, which will be subject to certain trading
restrictions until January 15, 2008. The Company expects to repay the
indebtedness in October 2007 with proceeds from its planned registered
public offering.

Reverse Stock Split

On September 12, 2007, the Company received stockholder approval for a
reverse split of its outstanding common stock within a range of 1-for-5 to
1-for-7. On September 14, 2007, a committee of the Board approved the
implementation of the reverse split at a ratio of 1-for-7. The reverse
split will be come effective on Monday, September 17, 2007 and the
Company's common stock will begin trading on the NASDAQ Capital Market on a
post-split basis that day.

Upon effectiveness of the reverse split, every seven shares of common
stock issued and outstanding will be automatically converted into one new
share of common stock. Fractional shares that result from the split will
not be issued and holders will be paid cash in lieu of fractional shares.
The Company's common stock will trade under the symbol "NTIID" for 20
trading days to denote the reverse split. After that time, the symbol will
revert to "NTII". Holders of record will receive instructions from American
Stock Transfer & Trust Company, the Company's transfer agent, for how to
surrender their pre-split share certificates and receive new post-split
certificates.

Conference Call Information

NTI will web cast its year end financial results conference call on
September 17, 2007 at 10:30 a.m. ET, 7:30 a.m. PT. Dial-in number
800-289-0468 (U.S.) 913-981-5517 (international). The live web cast can be
accessed by going to http://www.shareholder.com/ntii/medialist.cfm.
Playback of the conference call will be available from 1:30 p.m. ET on
September 17, 2007 through 11:59 p.m. on September 21, 2007. Replay number:
888-203-1112 (US and Canada) and 719-457-0820 (International), replay
access code: 9278405.

About Neurobiological Technologies, Inc.

NTI is a specialty biopharmaceutical company with expertise in
identifying and acquiring promising drug candidates and in designing and
managing late-stage clinical trials for central nervous system conditions.
NTI is currently developing Viprinex, a novel reperfusion agent that is in
pivotal Phase 3 trials for the treatment of acute ischemic stroke.

NOTE: Except for the historical information contained herein, the
matters discussed in this press release are forward-looking statements that
involve risks and uncertainties, including: our need for additional
capital, our dependence on third parties for the development, regulatory
approval and successful commercialization of our products, the inherent
risk of failure in developing product candidates based on new technologies,
the risks associated with the cost of clinical development efforts, and
other risks detailed from time to time in our Annual Report of Form 10-K
and other filings with the Securities and Exchange Commission. Actual
results may differ materially from those projected. These forward-looking
statements represent our judgment as of the date of the release. We
disclaim, however, any intent or obligation to update these forward-looking
statements.

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